November 26, 1989 | JENNIFER MERIN, Merin is a free-lance writer living in New York City. and

Department stores that gear up with fine goods and special decorations for the Christmas and Hanukkah seasons usually wait until after these holidays to offer their customers price reductions on what's left. This year, an exception is B. Altman & Co. in New York City.

A group that includes a former Bonwit Teller chief executive plans to bid $35 million to acquire most of the department store chain, a federal bankruptcy court hearing was told Monday. William Ruben, Bonwit Teller's president and chief executive for much of the 1980s, is among a team that intends to offer $13 million for 13 stores in the 16-store chain and $22 million for inventory, mostly apparel. Sheldon Hirshon, an attorney for Bonwit Teller's parent company, L.J. Hooker Corp.

The venerable department store chain B. Altman & Co., whose Australian owner filed for bankruptcy protection in August, is joining a host of other well-known retailers on the auction block, the Australian company said today. Hooker Corp. of Australia's U.S. subsidiary, L. J. Hooker Corp., which also owns the upscale Bonwit Teller chain, said it hopes for a "quick sale" of its seven Altman stores. The department stores are in New York, New Jersey, Pennsylvania and Ohio.

L. J. Hooker Corp., which recently failed to find a buyer for its B. Altman & Co. department store chain, today announced it has decided to sell two more retailers, Bonwit Teller and Sakowitz. The proposed sale of Bonwit Teller reverses Hooker's previous plan to retain the century-old 16-store chain.